Muoio cited a Harvard study that named West Palm Beach the No. 1 city for new entrepreneurs in 2012, but cautioned there's still a lot of work ahead.

"In the coming year, West Palm Beach must become more competitive with cities in attracting new businesses," Muoio said.

The mayor said she is working on a framework of economic incentives to present to city commissioners, aimed at bringing new businesses to West Palm Beach.

"Part of this framework includes a combination of strategic investment initiatives that will focus on business expansion and retention; marine industry recruitment; downtown office conversion funds; small business loan guarantees and capital improvement projects," she said.

Muoio told the crowd at the Palm Beach County Convention Center she has her sights set on both job creators and businesses that will invest in the city.

It doesn't come without challenges.

Muoio said the city lacks office space to attract business and isn't on a level playing field.

"We also lag behind other Palm Beach County cities in incentives that can be offered to attract those businesses," she said.

But the mayor said the city is making steps in the right direction, cutting in half the time it takes to get a building permit and more than doubling the city's construction value.

Muoio said in downtown alone, 29 new businesses opened in 2012.

The mayor said it can't stop there, calling on business leaders to make a difference in 2013.

Muoio said when she presents her ideas to city leaders, it will be first time it's ever been done on a city-wide level.